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Step by Step Using a Peer-to-Peer Lending Network

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Sunday, August 24, 2008

• Wants to remodel kitchen, needs $10,000

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• Goes online to a peer-to-peer lending network

• Sets up account, provides details on the amount needed, the reason, personal credit rating

• Provides personal identification: driver's license, bank account number

• Lending network vets the borrower, checks credit history

• Borrower submits request, setting a maximum acceptable interest rate

Lender

• Has cash to offer

• Sets up account at lending network, providing personal information

• Determines how much he or she is able to lend, can be as little as $50

• Chooses an acceptable risk profile for a borrower

• Surveys borrowers' requests

• Studies borrowers' details and credit histories

• Makes offer, with terms and interest rate


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